Telsey Advisory Group Lowers Honest (NASDAQ:HNST) to Market Perform

Honest (NASDAQ:HNST – Get Rating) was downgraded by Telsey Advisory Group from an “outperform” rating to a “market perform” rating in a research report issued on Friday, The Fly reports. They presently have a $2.00 price target on the stock, down from their previous price target of $6.00. Telsey Advisory Group’s price objective points to a potential upside of 14.94% from the company’s current price. Telsey Advisory Group also issued estimates for Honest’s Q4 2022 earnings at ($0.05) EPS, FY2022 earnings at ($0.44) EPS, Q1 2023 earnings at ($0.10) EPS, Q2 2023 earnings at ($0.09) EPS, Q3 2023 earnings at ($0.08) EPS, Q4 2023 earnings at ($0.02) EPS, FY2023 earnings at ($0.29) EPS and FY2024 earnings at ($0.14) EPS.

Honest Stock Down 6.5 %

NASDAQ:HNST opened at $1.74 on Friday. The business’s 50-day simple moving average is $2.93 and its two-hundred day simple moving average is $3.15. The stock has a market cap of $161.25 million, a PE ratio of -3.48 and a beta of 0.44. Honest has a 52 week low of $1.63 and a 52 week high of $6.16.

Insider Buying and Selling at Honest

In other news, CRO Rick Rexing sold 12,542 shares of Honest stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $2.92, for a total value of $36,622.64. Following the sale, the executive now directly owns 316,835 shares of the company’s stock, valued at $925,158.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CRO Rick Rexing sold 12,542 shares of Honest stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $2.92, for a total value of $36,622.64. Following the sale, the executive now directly owns 316,835 shares of the company’s stock, valued at $925,158.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kelly J. Kennedy sold 15,904 shares of Honest stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $2.92, for a total value of $46,439.68. Following the completion of the sale, the chief financial officer now directly owns 596,821 shares in the company, valued at $1,742,717.32. The disclosure for this sale can be found here. Insiders have sold a total of 80,372 shares of company stock valued at $234,541 over the last ninety days. 26.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. grew its position in Honest by 67.0% in the fourth quarter. Alliancebernstein L.P. now owns 57,100 shares of the company’s stock worth $172,000 after acquiring an additional 22,900 shares in the last quarter. Schonfeld Strategic Advisors LLC boosted its position in shares of Honest by 49.3% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 50,300 shares of the company’s stock valued at $151,000 after buying an additional 16,600 shares during the period. Millennium Management LLC boosted its position in shares of Honest by 328.2% during the fourth quarter. Millennium Management LLC now owns 294,809 shares of the company’s stock valued at $887,000 after buying an additional 225,959 shares during the period. Morgan Stanley boosted its position in shares of Honest by 40.5% during the fourth quarter. Morgan Stanley now owns 567,378 shares of the company’s stock valued at $1,708,000 after buying an additional 163,649 shares during the period. Finally, ArrowMark Colorado Holdings LLC boosted its position in shares of Honest by 46.8% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 2,035,000 shares of the company’s stock valued at $6,125,000 after buying an additional 649,000 shares during the period. Hedge funds and other institutional investors own 41.17% of the company’s stock.

Honest Company Profile

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The Honest Company, Inc manufactures and sells diapers and wipes, skin and personal care, and household and wellness products. The company also offers baby clothing and nursery bedding products. It sells its products through digital and retail sales channels, such as its website and third-party ecommerce sites, as well as brick and mortar retailers.